Pengaruh Harga Emas, Harga Bitcoin dan Bond Yield terhadap Indeks Sektor Keuangan

Vionalisa Chandra; Zefanya Fernando Baroleh

doi:10.31004/riggs.v4i3.3039

Authors

Vionalisa Chandra Universitas Sam Ratulangi
Zefanya Fernando Baroleh Universitas Sam Ratulangi

DOI:

https://doi.org/10.31004/riggs.v4i3.3039

Keywords:

Harga Emas, Bitcoin, Bond Yield, Sektor Keuangan, Regresi Linear Berganda

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh harga emas, harga Bitcoin, dan bond yield (10 tahun) terhadap indeks sektor keuangan di Bursa Efek Indonesia selama periode Mei 2022 hingga April 2025. Data yang digunakan merupakan data time series bulanan yang diperoleh dari sumber sekunder resmi dan diolah menggunakan perangkat lunak Stata 17. Analisis dilakukan dengan pendekatan regresi linear berganda setelah memastikan stasioneritas melalui uji Augmented Dickey-Fuller (ADF). Hasil penelitian menunjukkan bahwa secara parsial, hanya variabel bond yield (10 tahun) yang berpengaruh signifikan terhadap indeks sektor keuangan, sedangkan harga emas dan harga Bitcoin tidak menunjukkan pengaruh signifikan. Namun, secara simultan ketiga variabel tersebut memiliki pengaruh signifikan terhadap indeks sektor keuangan, menandakan adanya keterkaitan lintas-aset dalam memengaruhi dinamika pasar modal. Nilai R-squared sebesar 0,203 menunjukkan bahwa variabel penelitian menjelaskan sebagian kecil variasi pergerakan sektor keuangan, sehingga terdapat faktor eksternal lain yang turut berperan. Temuan ini mengindikasikan bahwa sektor keuangan di Indonesia lebih sensitif terhadap perubahan kondisi makroekonomi, terutama terkait tingkat suku bunga jangka panjang yang tercermin melalui bond yield. Penelitian ini memberikan implikasi penting bagi investor dan pembuat kebijakan untuk memperhatikan indikator pasar obligasi sebagai sinyal utama dalam strategi investasi dan pengelolaan risiko sektor keuangan.

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